Macquarie cuts PT for Australia's Ventia Services on regulatory proceedings

Ventia Services

13/12/2024 02:45

** Ventia Services Group  VNT.AX  trades 3.9% higher at
A$3.46, after hitting a near 1-year low earlier in the day
    ** Stock hovers around more than 9-month low hit on Thursday
    ** Australia's competition regulator begins civil
proceedings against infra services provider's unit for alleged
price fixing for services at Department of Defence bases
    ** Macquarie cuts PT by 9% to A$4.26, citing greater
uncertainty over proceedings
    ** Says Department of Defence important client, contributed
~18% to co's H1 FY24 rev
    ** Adds Department not awarding any or less contracts for
renewal a key risk
    ** Stock rated "buy" on avg; median PT is A$4.45 - LSEG
    ** VNT up 6.1% this year, as of last close

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))